A Self Managed Superannuation Fund (SMSF) is a way for saving and planning for retirement by having direct control over how your retirement savings are invested.
Generally SMSFs can be attractive to small business owners and self-employed people who do not want to be bound by Industry or Retail superannuation funds and their aggregated investment performance.
There are certain flexibilities that allow for tailoring a SMSF to fund member’s specific needs, however a considerable number of rules and regulations govern funds and these place a great deal of responsibility on anyone operating an SMSF.
SMSFs historically were only enjoyed by the high wealth sector due to the cost of set-up and ongoing compliance fees. Now SMSFs can be more cost effective to set up and manage so it may be worth exploring the costs, investment options and restrictions, advantages and disadvantages of running your own superannuation fund.
Accounts by Comport can discuss your current business structure and the advantages and disadvantages of SMSFs relating to your individual situation. Setting up a new fund and managing all compliance matters can be dealt with as part of your client portfolio.
If you would like to make a time to meet with Accounts by Comport to discuss SMSFs please phone or email.
(03) 9596 8123